The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has announced the approval of two major financial support packages by the World Bank, to the tune of $2.25 billion as part of support to the economic reforms in ongoing efforts to stabilize the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.

The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).

This $2.25 billion support is expected to offer essential financial and technical support as the government continues to address economic distortions.

Additionally, it will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.

Upon assuming office, the Federal Government was confronted with significant economic challenges, and recognized the need for urgent reforms to correct the economic imbalance and strengthen Nigeria’s financial outlook.

Initial critical steps have been taken to restore macroeconomic stability, boost revenues, and create the conditions necessary to reignite growth and reduce poverty.

These ongoing measures are part of a broader strategy to increase revenues, create jobs, and foster sustainable economic growth.

Mr. Wale Edun who welcomed the support of the World Bank, emphasized the necessity for the reforms:

“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth.

“These reforms will create quality jobs and economic opportunities for all Nigerians. We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals”.

The World Bank Vice President for Western and Central Africa has praised Nigeria’s efforts and said it was high time to maintain the reforms:

“Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty. It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis. This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa”.

While the RESET DPF aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable, ARMOR PforR supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.